Chevron Considers Argentina and Mediterranean Expansion as LNG Portfolio GrowsSeptember 14, 2026 6:14 AM
IH Market News Chevron (NYSE:CVX) is assessing opportunities to expand its global natural gas portfolio in regions including Argentina and the eastern Mediterranean as buyers place greater emphasis on energy supply diversification, according to President of Global Gas Freeman Shaheen. Global gas markets have faced supply disruptions following the start of the Ukraine war in 2022 and the Iran conflict this year, affecting supplies from Russia and Qatar and contributing to higher liquefied natural gas prices. “What we’re seeing from this crisis is that it just reinforces the need for diversity — diversity of supply and diversity of different contracting structures,” Shaheen said, adding, “and not leaving yourselves susceptible to a spot market that’s not really as liquid as crude and products.” Chevron Targets LNG Supply Capacity of About 20 Million Tonnes Chevron expects to have about 20 million metric tonnes per annum of LNG supply capacity. This comprises 16 million tonnes of net gas production from its projects and another 4 million tonnes contracted from the US Gulf Coast. The Gulf Coast supply began in February and is expected to increase over the next several years in line with existing agreements. “We’re looking to continue to expand that portfolio,” Shaheen said in an interview during the Gastech conference in Bangkok. “There’s great prospects out of Argentina with the development of crude and gas in that marketplace. The East Mediterranean is a very exciting area for us as well.” Chevron is also assessing opportunities in Australia and Africa, subject to capital requirements and fiscal and regulatory conditions. Shaheen did not identify specific potential projects in Africa, Australia or the eastern Mediterranean. In June, Chevron received approval to become operator and lead gas exploration at an offshore block near Greece. Projects to Compete for Chevron Capital Potential gas investments will be considered alongside other opportunities in Chevron’s portfolio, including Venezuela, where the company and its partners could invest more than $7 billion to more than double oil production by 2031. “I’ve been hearing that Venezuela has a lot of capital that’s going to have to go that way coming up,” Shaheen told Reuters. “Everything is going to get analysed in our project queue and it gets ranked.” Chevron already has substantial LNG operations in Australia, where it operates the Gorgon and Wheatstone projects. A significant proportion of its Australian LNG supply is sold to Japan. “Japan continues to be our home base, and we have nice structural opportunities into Singapore,” Shaheen said, adding that China and South Korea also remain markets of interest. Chevron agreed in 2024 to supply Singapore’s Sembcorp Industries with up to 0.6 million tonnes per annum of LNG beginning in 2028. Chevron Sees Potential for LNG Agreement in India Shaheen said LNG purchasing practices are also changing, with state-backed importers increasingly willing to enter contracts with portfolio suppliers rather than relying solely on government-to-government agreements. India is among the markets where Chevron is seeking potential supply opportunities, although Shaheen cited pricing as a consideration in reaching an agreement. “I’d love to have a deal in India. It’s just they’re very, very headline-price driven,” Shaheen said. “I think India is still evolving. There’s going to be great opportunities over time.” Chevron stock priceThe post Chevron Considers Argentina and Mediterranean Expansion as LNG Portfolio Grows appeared first on US Editors. Original: Chevron Considers Argentina and Mediterranean Expansion as LNG Portfolio Grows

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U.S. Energy Stocks Rise Premarket as Brent Approaches $100September 8, 2026 6:12 AM
IH Market News Shares of major U.S. energy companies moved higher in premarket trading on Tuesday as crude oil prices extended their gains amid concerns about potential disruption to Middle East energy supplies. November Brent crude futures rose 2.3% to $99.19 a barrel by 04:53 ET (08:53 GMT), while U.S. West Texas Intermediate crude increased 3.3% to $94.49 a barrel. Brent had settled nearly 1% higher on Monday after briefly reaching $98 a barrel in the previous session. Exxon Mobil, Chevron and Valero Gain Premarket Several large U.S. energy companies traded higher alongside the increase in crude prices. Exxon Mobil (NYSE:XOM) rose 1.8% in premarket trading, while Chevron (NYSE:CVX) gained 1.5% and ConocoPhillips (NYSE:COP) advanced 1.6%. Diamondback Energy (NASDAQ:FANG) and Marathon Petroleum (NYSE:MPC) each added 1.1%, while Valero Energy (NYSE:VLO) climbed 1.9%. The moves coincided with the advance in oil prices as markets assessed developments affecting potential energy supplies from the Gulf. Iran Warns Gulf Energy Infrastructure Could Be Targeted Oil markets remained focused on tensions between the United States and Iran following a series of strikes over the weekend, including attacks involving shipping. Iran warned that oil and gas infrastructure across the Gulf could become a target in retaliation for attacks on Iranian assets. Tehran also threatened to respond to what it described as U.S. “economic warfare” by establishing a maritime exclusion zone across the Persian Gulf. These statements represent warnings about potential Iranian actions rather than confirmation that attacks on energy infrastructure will occur. Strait of Hormuz Remains in Focus The Strait of Hormuz continues to be a central consideration for crude markets because of its role in regional energy shipments. Iran said it plans to introduce a restricted zone in the Gulf together with an alternative shipping corridor. Markets are assessing whether tighter maritime controls could further affect tanker traffic through the waterway. At the same time, Iran said it was close to reaching an agreement with Oman over arrangements concerning the strait. Such an agreement could provide a mechanism for addressing shipping disruptions, although the supplied information does not indicate that a final agreement has been reached. With Brent trading at $99.19 a barrel, investors are monitoring developments in the Gulf and their potential implications for energy production and shipping. The post U.S. Energy Stocks Rise Premarket as Brent Approaches $100 appeared first on US Editors. Original: U.S. Energy Stocks Rise Premarket as Brent Approaches $100

$300.00+ in upcoming months.

President Trump said last week that the U.S. had reached an agreement with Venezuela giving it majority control over approximately 65 billion barrels of the country’s oil reserves.

Chevron Plans More Than $7 Billion Venezuela Investment Under Updated Joint Venture TermsSeptember 2, 2026 8:32 AM
IH Market News Chevron (NYSE:CVX) said Wednesday it had agreed updated terms for its joint ventures in Venezuela and plans to invest more than $7 billion in the country over the next five years. The company said the investment is intended to support an increase in production to approximately 600,000 barrels per day. Chevron signed multiple agreements establishing revised terms for its Venezuelan joint ventures, covering future investment, project development and production growth. The arrangements also include additional acreage in the Orinoco Belt. The production and investment figures represent company plans and remain subject to project execution, operating conditions and other relevant factors. Agreements Follow U.S.-Venezuela Oil Deal Announcement Chevron’s announcement follows separate negotiations involving the U.S. and Venezuela. President Trump said last week that the U.S. had reached an agreement with Venezuela giving it majority control over approximately 65 billion barrels of the country’s oil reserves. The supplied information does not provide the detailed terms of that agreement or establish the precise legal and commercial mechanisms through which the stated control would operate. The Chevron agreements were negotiated separately from the U.S.-Venezuela arrangement. Chevron Targets Production Growth Across Three Joint Ventures Chevron said the planned investment will support production growth across its three Venezuelan joint ventures. According to the company, output from those operations has increased 15% this year. Chevron expects total costs to remain below $20 per barrel. This represents the company’s current expectation and may vary depending on future operating and market conditions. The additional acreage secured in the Orinoco Belt is also expected to support the company’s future development activities. Chevron Maintains Longstanding Venezuela Operations Chevron has maintained operations in Venezuela for more than a century. ExxonMobil and ConocoPhillips have not operated in the country since leaving in 2007, when their assets were nationalized under the government of Hugo Chavez. Venezuela’s oil industry subsequently experienced a prolonged decline in production and investment. The supplied information attributes this in part to management of the sector under the governments of Chavez and Nicolas Maduro. Following Maduro’s removal from power in January, President Trump has encouraged U.S. oil companies to increase investment in Venezuela. Chevron’s planned spending represents one such investment programme, although the extent to which the projects achieve the company’s targeted production level will depend on their implementation and future operating conditions. Chevron stock priceThe post Chevron Plans More Than $7 Billion Venezuela Investment Under Updated Joint Venture Terms appeared first on US Editors. Original: Chevron Plans More Than $7 Billion Venezuela Investment Under Updated Joint Venture Terms

Chevron Expands Position in VenezuelaSeptember 2, 2026 6:15 AM
Business Wire Chevron Corporation (NYSE: CVX) today announced agreements with Venezuela that establish updated terms for its joint ventures, supporting future investment, project development and production growth in the country. The agreements set out provisions for Chevron's joint ventures in Venezuela, including enhanced fiscal, commercial and legal terms intended to support durable and competitive long-term investments. As part of the agreements, Chevron has been assigned additional acreage in the Orinoco Belt, where the company has an established position. The enhancements underpin joint venture plans to invest over $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared to 2026. With total costs of less than $20 per barrel and a large resource base, Venezuela is a platform of differentiated oil growth under Chevron’s disciplined cash management model. “Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades,” said Mike Wirth, Chevron Chairman and Chief Executive Officer. “With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value. This progress reflects the dedication of our Venezuelan employees and our long-standing focus on the responsible development of the country’s resources.” Under the agreements, the Petroindependencia, S. A. joint venture, in which Chevron’s subsidiary holds a 49% interest, has been assigned the rights to develop the adjacent Carabobo 1 and Carabobo-2-South-A areas located in the Orinoco Belt of Venezuela. The greenfield sites expand the joint venture’s existing operational footprint where it is increasing extra-heavy oil production. The additional sites further strengthen Chevron's growing portfolio in Venezuela following an agreement in April in which Chevron increased its working interest in Petroindependencia to 49% and received the rights to develop the Ayacucho 8 area adjacent to the Petropiar, S.A. joint venture. Collectively, Chevron’s three joint ventures have grown production by 15% year-to-date. “We appreciate the leadership of the Administration, particularly the U.S. Department of Energy, and Secretary Wright’s partnership in helping facilitate the conditions for further investment and growth,” said Wirth. “Continued engagement between government and industry is essential to advancing projects that support energy security, economic growth and continued investment.” Chevron is one of the leading energy companies in Venezuela, with a presence that dates back to 1923. Its joint ventures Petroindependencia and Petropiar, S.A. operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan, S.A. is located in the Zulia State in Western Venezuela. About Chevron Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com. NOTICE As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/ investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260902517548/en/ Laura Hurst + 44 (0) 7707856161
Laura.Hurst@chevron.com Original: Chevron Expands Position in Venezuela

Advisory: Chevron to Participate in Fireside Q&A at the Barclays 40th Annual Energy-Power ConferenceAugust 31, 2026 7:30 AM
Business Wire Eimear Bonner, CFO of Chevron Corporation (NYSE: CVX), will participate in a fireside chat at the Barclays 40th Annual Energy-Power Conference on Tuesday, September 8, 2026, at 12:40 PM ET. Please visit www.chevron.com/investors to view a live webcast of the conversation and Q&A session. A replay will be available on the website after the event for those unable to watch the live webcast. Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations and grow new energies businesses. More information about Chevron is available at www.chevron.com. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260831738591/en/ Investors:
Jeanine Wai
Chevron
invest @wentztom Original: Advisory: Chevron to Participate in Fireside Q&A at the Barclays 40th Annual Energy-Power Conference

Chevron confirms major oil and gas condensate discovery offshore AngolaAugust 17, 2026 9:43 AM
IH Market News Chevron Corporation (NYSE:CVX), through its subsidiary Cabinda Gulf Oil Company Limited (CABGOC), has confirmed an oil and gas condensate discovery at the 105-4X exploration well in Angola’s offshore Block 0. Drilled in the Lower Congo Basin, the well encountered an oil and gas condensate column measuring more than 600 metres, or 2,000 feet, within the primary Pinda reservoir. The discovery contained more than 90 metres, or 300 feet, of net pay. Chevron said it will now evaluate the discovery for potential development, including the possibility of connecting it to nearby existing infrastructure. Block 0 discovery could leverage existing facilities CABGOC operates Block 0 with a 39.2% working interest. Its partners are Sonangol E&P with 41%, TotalEnergies with 10% and Azule Energy with the remaining 9.8%. The proximity of the discovery to established facilities could provide Chevron and its partners with an infrastructure-led development opportunity, potentially allowing new resources to be brought into production through a tie-back rather than requiring an entirely standalone project. Kevin McLachlan, Vice President of Exploration at Chevron, said: “This discovery is another important milestone for Chevron’s over 70-year history in Angola. By combining high-impact exploration with infrastructure-led opportunities close to existing facilities, we are growing our resource base, creating value, and demonstrating that our strategy is delivering, as well as our continued confidence in Angola’s resource potential.” Chevron expands Sub-Saharan African exploration portfolio Chevron currently produces approximately 300 thousand barrels of oil equivalent per day net across Sub-Saharan Africa and has been expanding its exploration footprint throughout the region over the past year. In Nigeria, the company has farmed into offshore blocks PPL2000 and PPL2001 and was awarded deepwater block PPL2010 in the country’s latest licensing round. Chevron has also recorded three near-field exploration successes in Nigeria since late 2024. The group has expanded elsewhere in West Africa, securing three blocks in Guinea-Bissau, including the newly acquired Block 4B, which closed on August 13, 2026. Chevron has also obtained reconnaissance licences covering five blocks in Equatorial Guinea. Further drilling planned across Angola and Namibia In Angola, Chevron continues to pursue exploration opportunities across Blocks 49 and 50, Block 33 and Block 14/23, extending its activities beyond the latest Block 0 discovery. The company is now preparing a multi-well exploration campaign across its wider African portfolio. Among the planned wells is Nabba-1X on PEL90 in Namibia, which Chevron expects to drill before the end of the year. The 105-4X discovery strengthens Chevron’s resource base in one of its longest-standing African markets while supporting its broader strategy of combining frontier exploration with opportunities located close to existing infrastructure. Chevron stock priceThe post Chevron confirms major oil and gas condensate discovery offshore Angola appeared first on US Editors. Original: Chevron confirms major oil and gas condensate discovery offshore Angola

$cvx $250 soon $oil $oil stocks

Chevron Announces Leadership ChangesAugust 12, 2026 3:00 PM
Business Wire • Navin Mahajan to retire after nearly 30 years with the company
• Uriel "Ose” Oseguera named Treasurer of Chevron Chevron Corporation (NYSE: CVX) today announced the election of Uriel "Ose" Oseguera as Treasurer, effective November 1, 2026. Oseguera succeeds Navin Mahajan, who will retire from Chevron after nearly 30 years of service. As Treasurer, Oseguera will lead Chevron's treasury organization, including capital markets, corporate finance, insurance, credit and risk management activities. He will report to Chevron Chief Financial Officer Eimear Bonner. Oseguera currently serves as Vice President, Upstream Business Performance & Finance. “Ose brings an exceptional combination of treasury expertise, global business leadership, and deep company knowledge to the Treasurer role," said Bonner. “His experience across corporate finance, capital markets, and international business leadership provides a distinctive perspective on risk management, financial discipline, and value creation. Coupled with strong relationships across the enterprise and sound judgment, Ose is exceptionally well positioned to advance Chevron's strong financial position and long-term value.” Oseguera joined Chevron in 1990. Over the course of his career, he has held leadership positions in finance, treasury and planning across Venezuela, Thailand, Indonesia, Australia, and the United States. Prior to his current role, he served as General Manager of Chevron's Financial Shared Services organization. Oseguera earned a bachelor's degree in business administration from California Polytechnic State University, San Luis Obispo, and an MBA from Saint Mary's College of California. Mahajan has served as Chevron's Treasurer since 2019. During his career, he held leadership roles across treasury, finance, compliance, and business organizations globally. "Throughout his nearly 30 years with Chevron, Navin has been a trusted leader whose expertise, integrity, and commitment have strengthened our company and Finance organization," Bonner said. "You could always count on Navin when the challenges were most complex and the stakes were highest. His rare combination of innovation, discipline, and thoughtful decision-making enabled him to navigate complexity, inspire teams and deliver lasting impact." About Chevron Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com. NOTICE As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/ investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/ chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260811010338/en/ Kelly Russell
kellyrussell@chevron.com Original: Chevron Announces Leadership Changes

Looking good $oil stocks

$200 soon $cvx

Chevron Broadens North American Base Oils Distribution Through New PartnershipsAugust 3, 2026 8:19 AM
IH Market News Chevron Products Company, a division of Chevron U.S.A. Inc. (NYSE:CVX), has expanded its North American base oils distribution network by signing new agreements with HF Sinclair Lubricants & Specialties and Renkert Oil. The new distribution arrangements are designed to strengthen product availability and customer support across key markets in the United States and Canada. HF Sinclair to Become Exclusive Distributor in Key Markets Beginning May 1, 2027, HF Sinclair Lubricants & Specialties will serve as Chevron’s exclusive distributor of Group II base oils throughout Canada and within HF Sinclair’s existing customer territories in the United States. In addition to those exclusive rights, the company will also distribute Chevron Group II base oils on a non-exclusive basis across selected U.S. markets outside its primary territory. HF Sinclair had previously announced, on July 28, that it would retire its base oil refining assets located in Mississauga, Ontario. Renkert Oil Retains Broad Distribution Role Under the revised distribution structure, Renkert Oil will continue supplying Chevron’s Paralux and Paramount process oils throughout the United States, Canada and Europe. The company will also remain responsible for distributing Nexbase Group III base oils across the U.S. and Canada, along with Chevron Group II base oils in U.S. regions that fall outside HF Sinclair’s exclusive distribution territory. Chevron Focuses on Supply Reliability Chevron said the new partnerships are intended to improve supply chain resilience while providing customers with broader market coverage and technical support. “Customers need more than high-quality products – they need confidence in their supply partner,” said Alicia Logan, general manager of Chevron Base Oils. “By working with both HF Sinclair Lubricants & Specialties and Renkert Oil, we’re building on each partner’s unique strengths to deliver reliable supply, local expertise and the flexibility our customers need as markets continue to evolve.” Group III+ Product Planned for 2027 Chevron also confirmed plans to launch a new Group III+ base oil product during early 2027 as it continues expanding its product portfolio. According to the company, it currently operates five base oil manufacturing facilities worldwide and supplies customers through a global distribution network comprising 20 hubs. Chevron stock priceThe post Chevron Broadens North American Base Oils Distribution Through New Partnerships appeared first on US Editors. Original: Chevron Broadens North American Base Oils Distribution Through New Partnerships

Chevron Strengthens North American Base Oils Distribution NetworkAugust 3, 2026 7:00 AM
Business Wire Chevron Products Company, a division of Chevron U.S.A. Inc., will expand its North American base oils distribution network, strengthening customer access to premium base oils and process oils through complementary distribution agreements with HF Sinclair Lubricants & Specialties and Renkert Oil. Effective May 1, 2027, HF Sinclair Lubricants & Specialties will become Chevron's exclusive distributor of Group II base oils in Canada, and its existing customer territories in the U.S. HF Sinclair Lubricants & Specialties will also have non-exclusive distribution rights for Group II base oils in select additional regions of the U.S. Renkert Oil will continue as Chevron's distributor for Paralux® and Paramount™ process oils throughout the United States, Canada and Europe; NEXBASE® Group III base oils in the United States and Canada; and Chevron Group II base oils throughout the United States outside HF Sinclair Lubricants & Specialties’ exclusive territory. Together, the two distributors expand Chevron's customer reach through a complementary set of regional and product-focused channels. Customers will benefit from dependable supply, local inventory, responsive technical support and access to one of the industry's premium base oil portfolios. "Customers need more than high-quality products – they need confidence in their supply partner," said Alicia Logan, general manager, Chevron Base Oils. "By working with both HF Sinclair Lubricants & Specialties and Renkert Oil, we're building on each partner's unique strengths to deliver reliable supply, local expertise and the flexibility our customers need as markets continue to evolve." HF Sinclair Lubricants & Specialties segment, which announced on July 28 the decision to retire its base oil refining assets in Mississauga, Ontario, brings an established logistics network, regional infrastructure and strong customer relationships that enhance Chevron's ability to serve customers across Canada and throughout its expanded U.S. distribution footprint. Renkert Oil has decades of experience serving process oil customers and lubricant manufacturers and will continue to deliver the technical expertise, reliable logistics and responsive support customers expect. "Together, HF Sinclair Lubricants & Specialties and Renkert Oil provide complementary capabilities that strengthen our distribution network while ensuring customers continue to receive the products, service and technical expertise they expect from Chevron," Logan said. Chevron is one of the world's leading suppliers of premium Group II, Group II+, and Group III base oils. With the introduction of Group III+ in early 2027, Chevron will offer one of the industry's most comprehensive premium base oil portfolios, supported by extensive OEM and additive qualifications, world-class technical expertise and a resilient global manufacturing network. By leveraging the strengths of HF Sinclair Lubricants & Specialties and Renkert Oil, Chevron is reinforcing its long-term commitment to customer success through expanded market coverage, resilient supply and specialized distribution channels designed to meet the evolving needs of lubricant manufacturers and process oil customers. About Chevron Base Oils Worldwide, Chevron Base Oils is one of the largest producers of premium Group II and Group III base oils. We offer a global slate of products having the same specifications produced at five manufacturing facilities and distributed through 20 hubs globally. Lubricant marketers produce a broad range of products from automotive engine oils to driveline fluids, industrial oils to turbine oils. As a full line premium base oil producer, Chevron helps lubricant marketers optimize formulations across their increasingly complex product portfolio. Information on Chevron’s base oil business can be found at chevronbaseoils.com. About HF Sinclair Corporation HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. HF Sinclair provides petroleum products and crude oil transportation, terminaling, storage and throughput services to its refineries and the petroleum industry. HF Sinclair markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. It supplies high-quality fuels to more than 1,800 branded stations and licenses the use of the Sinclair brand to more than 350 additional locations throughout the country. HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in Artesia, New Mexico. In addition, we produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries. About Renkert Oil Renkert Oil LLC, founded in 1987, is a Chevron base oil and process oil distributor in North America, as well as an independent manufacturer of specialty products. In addition to premium products, Renkert Oil also provides technical services and consulting for niche industry oil applications. View source version on businesswire.com: https://www.businesswire.com/news/home/20260803871542/en/ Ross Allen
ross.allen@chevron.com Original: Chevron Strengthens North American Base Oils Distribution Network

Chevron stock rises 2% as profit hits six-year highJuly 31, 2026 5:07 PM
IH Market News Key takeaways Chevron shares gained 2.35 per cent after adjusted second-quarter earnings reached US$12 billion, the company’s highest quarterly profit in at least six years. Adjusted earnings of US$6.06 per share beat the US$5.56 analyst consensus, while total revenue and other income climbed 56 per cent to US$70.06 billion. Worldwide production increased 20 per cent to 4.07 million barrels of oil equivalent per day, including record U.S. output. Upstream earnings tripled to US$8.18 billion, while downstream profit rose more than sixfold to US$4.87 billion. Chevron generated US$18.1 billion in free cash flow, reduced debt by a record US$8.4 billion and returned approximately US$6.6 billion to shareholders. Chevron Corporation (NYSE:CVX) shares advanced Friday after surging oil prices, record U.S. production and stronger refining margins lifted the energy company’s quarterly profit to its highest level in at least six years. The stock closed 2.35 per cent higher at US$196.83, outperforming both the S&P 500 and the broader energy sector. Trading volume reached approximately 9.8 million shares, modestly above its recent daily average. Chevron reported second-quarter net income of US$12.07 billion, or US$6.11 per diluted share, compared with US$2.49 billion, or US$1.45 per share, one year earlier. Adjusted earnings nearly quadrupled to US$11.98 billion, equivalent to US$6.06 per share. That comfortably exceeded the US$5.56 consensus estimate compiled by LSEG. Higher oil prices drive earnings surge Chevron benefited from the sharp increase in global energy prices following the escalation of the U.S.-Israeli conflict with Iran and restrictions on shipping through the Strait of Hormuz. Brent crude averaged US$104 per barrel during the quarter, up from US$81 in the first quarter and US$68 one year earlier. Chevron’s relatively limited exposure to Middle Eastern production allowed it to capture the benefit of higher prices without experiencing disruptions on the same scale as several competitors. However, international output was affected by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait. “Faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs,” Chief Executive Mike Wirth said in the company’s results. Total revenue and other income increased from US$44.82 billion to US$70.06 billion. Sales and other operating revenue accounted for US$67.20 billion of the total. Production reaches 4.07 million barrels per day Worldwide production increased approximately 20 per cent year over year to 4.07 million barrels of oil equivalent per day, up from 3.40 million. U.S. production set a quarterly record of 2.08 million barrels per day, an increase of 382,000 barrels from the previous year. Growth was driven primarily by assets acquired through the Hess transaction, alongside expansion in the Permian Basin and Gulf of America. International output rose by 292,000 barrels per day to 1.99 million. Chevron’s upstream division generated US$8.18 billion in profit, three times the US$2.73 billion recorded one year earlier. U.S. upstream earnings increased to US$3.54 billion, while international upstream profit climbed to US$4.64 billion. Higher liquids prices and sales volumes more than offset weaker U.S. natural-gas realizations and increased depreciation expenses. The company expects its cost per barrel in U.S. shale operations to be approximately 25 per cent lower this year than in 2025 as drilling, completion and operating efficiencies improve. Refining profit reaches decade high Chevron’s downstream business delivered US$4.87 billion in quarterly earnings, up from US$737 million one year earlier and its strongest result since the beginning of the decade. U.S. downstream profit rose nearly sixfold to US$2.41 billion. International downstream earnings reached US$2.46 billion, reversing a US$1.01 billion loss in the first quarter. Low global fuel inventories, disruptions to international refinery capacity and elevated diesel, gasoline and jet-fuel margins supported the result. Chevron’s U.S. refineries processed a record 1.07 million barrels of crude per day and operated at more than 97 per cent of available crude-unit capacity. However, U.S. refined-product sales declined 4 per cent because of weaker gasoline demand. International refinery inputs fell 10 per cent, while refined-product sales declined 13 per cent as the Middle East conflict disrupted supplies. RBC Capital Markets said the earnings beat was led primarily by stronger-than-expected downstream performance, describing Chevron’s quarter as showing “robust operational performance and strategic consistency.” Cash flow supports debt reduction and shareholder returns Cash flow from operations reached US$22.6 billion, compared with US$8.6 billion one year earlier. Free cash flow increased from US$4.9 billion to US$18.1 billion, while adjusted free cash flow reached US$15.4 billion. Chevron used part of that cash to reduce total debt by a record US$8.4 billion. Its net-debt ratio fell to 13.1 per cent from 15.6 per cent at the end of 2025. The company repurchased approximately US$3.1 billion of shares and paid US$3.5 billion in dividends during the quarter. Management maintained its full-year share-repurchase range of US$10 billion to US$20 billion, emphasizing that it would not alter its capital-allocation strategy based on a single quarter of elevated commodity prices. Chevron’s board declared a quarterly dividend of US$1.78 per share, payable September 10 to shareholders of record on August 19. Hess savings arrive ahead of schedule Chevron said its acquisition of Hess has produced US$1.5 billion in annual run-rate synergies, exceeding the original US$1 billion target by 50 per cent. The company reached that milestone six months earlier than planned and within one year of completing the transaction. Chevron also achieved US$3 billion in annual run-rate structural cost reductions six months ahead of schedule. It continues to target between US$3 billion and US$4 billion in savings by the end of 2026. The Hess acquisition added producing assets in Guyana and the U.S., helping drive Chevron’s production increase and expanding its portfolio of lower-cost oil resources. Chevron expands into data-centre power Alongside its conventional energy operations, Chevron signed a 20-year agreement to supply Microsoft Corporation (NASDAQ:MSFT) with 2.67 gigawatts of electricity from a planned behind-the-meter power facility in West Texas. The project is intended to provide dedicated natural-gas-fired power for a Microsoft data centre without relying entirely on the existing electricity grid. Chevron believes rapidly growing demand from AI data centres could create a larger power-generation business combining its natural-gas resources, infrastructure experience and relationships with turbine manufacturers. The company is discussing additional projects with prospective customers but said it would prioritize investment returns over expansion for its own sake. Chevron’s second-quarter results demonstrate how its rising production, Hess assets and refining network can amplify the financial benefit of higher oil prices. However, the outlook remains closely tied to the Iran conflict, the reopening of the Strait of Hormuz and the durability of current refining margins.The post Chevron stock rises 2% as profit hits six-year high appeared first on US Editors. Original: Chevron stock rises 2% as profit hits six-year high

$cvx not bad day $oil stocks great investment

European gas jumps 30% as Iran war strains winter supplyJuly 31, 2026 3:18 PM
IH Market News Key takeaways European benchmark gas prices gained more than 30 per cent in July, ending a three-month losing streak. EU gas storage finished the month at roughly 55 per cent capacity, below historical averages and last year’s level. Conflict involving the U.S. and Iran has threatened LNG shipments through the Strait of Hormuz, including supplies from Qatar. Higher energy prices have lifted oil-industry earnings, with Exxon Mobil and Chevron reporting sharply increased second-quarter profits. European natural gas prices recorded their strongest monthly performance since March as conflict in the Middle East intensified concerns about liquefied natural gas supplies and Europe’s ability to rebuild reserves before winter. The Dutch front-month contract at the TTF hub, Europe’s principal gas benchmark, traded at approximately €57.60 per megawatt-hour Friday. Britain’s comparable contract stood near 141 pence per therm. Although prices were relatively steady during the session, TTF gas gained more than 30 per cent over July. That marked its first monthly increase in four months and reflected a sharp change in sentiment following three consecutive monthly declines. Iran conflict puts LNG shipments at risk The rally was driven primarily by the expanding military confrontation involving the U.S. and Iran, including American and Saudi strikes against Iran-backed targets, Iranian missile launches and further U.S. attacks inside Iran. These events have increased the risk surrounding the Strait of Hormuz, through which a substantial share of the world’s oil and LNG normally travels. Qatar, one of Europe’s important LNG suppliers, depends on the waterway to move exports from the Persian Gulf. Any prolonged reduction in Qatari shipments would leave European buyers competing more aggressively with Asian markets for flexible LNG cargoes. That competition could keep European prices elevated even if immediate shipping conditions improve. Europe falls behind on winter storage Europe’s limited storage buffer has added to the market’s vulnerability. EU facilities ended July approximately 55 per cent full, considerably below their five-year average and the level recorded at the same point in 2025. Hot weather across central and southern Europe has raised electricity demand for air conditioning. This has redirected gas into power generation, slowing injections into underground storage sites. The official winter heating season begins November 1, leaving European utilities with a narrowing window to rebuild reserves. If storage remains below normal heading into autumn, households and energy-intensive industries could face sustained price pressure. The combination of low inventories, uncertainty surrounding Middle Eastern exports and competition from Asian LNG buyers is expected to keep TTF futures volatile through August. Oil majors benefit from higher energy prices While consumers and businesses face rising costs, major oil producers have reported substantial earnings gains from higher crude and refined-product prices. Exxon Mobil Corporation (NYSE:XOM) said its second-quarter profit doubled to US$14.53 billion, while revenue increased 42 per cent to US$116.02 billion. Chevron Corporation (NYSE:CVX) nearly quadrupled its profit to US$12.07 billion as revenue rose 56 per cent to US$70.06 billion. Chevron’s refinery profit was six times higher than a year earlier, despite the company processing less crude and selling fewer products. U.S. refineries with reliable crude supplies have benefited from shortages elsewhere and elevated margins for diesel, gasoline and jet fuel. “The return on refining, on a percentage basis, has skyrocketed,” Texas Christian University energy-finance professor Tom Seng said. “Oil right now is priced what it is priced because of the Iran war. But in the meantime, the refineries are making money hand over fist.” The divergent outcomes underscore the wider economic effects of the conflict: energy companies with production and refining assets outside the Persian Gulf can benefit from higher prices, while Europe faces more expensive imports and a harder path towards securing adequate winter supplies.The post European gas jumps 30% as Iran war strains winter supply appeared first on US Editors. Original: European gas jumps 30% as Iran war strains winter supply

CVX 2Q26 CC slides…

With embedded prepared remarks:
https://chevroncorp.gcs-web.com/static-files/d808dc3d-f0be-4b2c-b62b-095f75f1c461

Slides only:
https://chevroncorp.gcs-web.com/static-files/67720f98-f6db-459c-ac24-c26a595f1249

Chevron Reports Second Quarter 2026 ResultsJuly 31, 2026 6:15 AM
Business Wire Reported earnings of $12.1 billion; return on capital employed of 21 percent Record U.S. production; worldwide production increased 20 percent from last year Record crude unit throughput at U.S. refineries; crude unit utilization at 97 percent Signed 20-year power agreement with Microsoft for West Texas data center Chevron Corporation (NYSE: CVX) reported earnings of $12.1 billion ($6.11 per share - diluted) for second quarter 2026. Included in the quarter were an asset sale gain of $230 million and pension settlement costs of $86 million. Foreign currency effects decreased earnings by $49 million. Adjusted earnings were $12.0 billion ($6.06 per share - diluted) for second quarter 2026. See Attachment 4 for a reconciliation of adjusted earnings. Earnings & Cash Flow Summary     Unit   2Q 2026     1Q 2026     2Q 2025   YTD 2026 YTD 2025 Total Earnings / (Loss) $ MM $ 12,072   $ 2,210   $ 2,490   $ 14,282   $ 5,990   Upstream $ MM $ 8,182   $ 3,909   $ 2,727   $ 12,091   $ 6,485   Downstream $ MM $ 4,868   $ (817 ) $ 737   $ 4,051   $ 1,062   All Other $ MM $ (978 ) $ (882 ) $ (974 ) $ (1,860 ) $ (1,557 ) Earnings Per Share - Diluted $/Share $ 6.11   $ 1.11   $ 1.45   $ 7.21   $ 3.45   Adjusted Earnings (1) $ MM $ 11,977   $ 2,793   $ 3,053   $ 14,770   $ 6,866   Adjusted Earnings Per Share - Diluted (1) $/Share $ 6.06   $ 1.41   $ 1.77   $ 7.46   $ 3.95   Cash Flow From Operations (CFFO) $ B $ 22.6   $ 2.5   $ 8.6   $ 25.1   $ 13.8   CFFO Excluding Working Capital (1) $ B $ 19.7   $ 7.1   $ 8.3   $ 26.8   $ 15.9   Avg. Brent Spot Price (Source: Platts) $/BBL $ 104   $ 81   $ 68   $ 92   $ 72   (1) See non-GAAP measure definitions on page 5 and reconciliations in the attachments “Faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs,” said Mike Wirth, Chevron's chairman and chief executive officer. “Our strong second quarter performance is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. refineries, and exceptional reliability across key assets.” “We remain focused on cost discipline and long-term value creation. During the second quarter, the company achieved its structural cost reduction target six months early by capturing $3 billion in annual run-rate savings. Furthermore, we delivered $1.5 billion of annual run-rate synergies related to the Hess Corporation acquisition within one year of closing,” Wirth continued. “And we have positioned the company to help power American AI dominance and generate resilient cash flows through leveraging our unique capabilities,” Wirth concluded. During the quarter, Chevron signed a 20-year power purchase agreement with Microsoft to provide 2.67 gigawatts of behind-the-meter power for its data center in West Texas. Financial and Business Highlights     Unit   2Q 2026     1Q 2026     2Q 2025   YTD 2026 YTD 2025 Return on Capital Employed (ROCE) %   21.4 %   4.5 %   6.2 %   13.0 %   7.3 % Capital Expenditures (Capex) $ B $ 4.5   $ 4.1   $ 3.7   $ 8.6   $ 7.6   Affiliate Capex $ B $ 0.3   $ 0.3   $ 0.4   $ 0.6   $ 0.9   Free Cash Flow (FCF) (1) $ B $ 18.1   $ (1.5 ) $ 4.9   $ 16.5   $ 6.1   Adjusted Free Cash Flow (1) $ B $ 15.4   $ 4.1   $ 4.9   $ 19.6   $ 9.1   Debt-to-CFFO Ratio 0.8x 1.5x 0.9x 0.8x 0.9x Net debt-to-CFFO (1) Ratio 0.6x 1.3x 0.8x 0.6x 0.8x Net Oil-Equivalent Production MBOED   4,070     3,858     3,396     3,965     3,374   (1) See non-GAAP measure definitions on page 5 and reconciliations in the attachments Financial Highlights Reported earnings increased compared to second quarter 2025 primarily due to reliable operations with higher commodity prices, higher margins on refined product sales, and impacts from higher sales volumes. This includes $1.4 billion in favorable timing effects1. Production in the second quarter of 2026 was 20 percent higher than second quarter last year largely due to the contribution from legacy Hess assets, and growth in the Permian Basin and Gulf of America. U.S. refinery crude unit throughput was a record 1.07 million barrels per day, reflecting reliable crude unit capacity utilization of more than 97 percent. Cash flow from operations in the second quarter of 2026 was higher than a year ago due to record U.S. production with higher commodity prices, increased cash distributions from Tengizchevroil LLP, and favorable working capital effects. Capex in the second quarter of 2026 was higher than last year largely due to spend on legacy Hess assets, partially offset by lower spend in the Permian Basin. Total debt was reduced by a record $8.4 billion in the quarter, further strengthening Chevron’s balance sheet and reinforcing the company’s ability to fund the long-term investment needed to deliver reliable energy for decades to come. Achieved $1.5 billion of Hess-related annual run-rate synergies ahead of schedule, exceeding the initial target by 50 percent. Achieved $3 billion of annual run-rate structural cost reductions since 2024, as part of a program that aims to reduce structural costs by $3-4 billion by the end of 2026. The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-eight cents ($1.78) per share, payable September 10, 2026, to all holders of common stock as shown on the transfer records of the corporation at the close of business on August 19, 2026. ________________ 1 As such term is defined in "Notice" below. Business Highlights and Milestones Signed an agreement to develop a power facility in West Texas designed to provide approximately 2.67 gigawatts of behind-the-meter dedicated electricity capacity to a Microsoft data center under a 20-year power purchase agreement. Signed heads of agreements with the Government of Iraq to advance potential participation in the West Qurna 2 and Nasiriyah oilfield developments and an export pipeline in one of the world's largest hydrocarbon resource basins. Completed the sale of the Hong Kong downstream fuels and lubricants businesses. Signed an agreement to sell the company’s 50 percent interest in the Singapore Refining Company and other downstream assets in Singapore, Vietnam, Australia, Indonesia, the Philippines and Malaysia. This transaction is expected to close in 2027. Announced a technology licensing agreement to commercialize and expand deployment of Chevron-developed chemical surfactant technology, reflecting Chevron’s technology leadership in advanced chemicals to improve recovery from unconventional reservoirs. Segment Highlights Upstream U.S. Upstream Unit   2Q 2026   1Q 2026   2Q 2025 YTD 2026 YTD 2025 Earnings / (Loss) $ MM $ 3,541 $ 2,112 $ 1,418 $ 5,653 $ 3,276 Net Oil-Equivalent Production MBOED   2,077   2,024   1,695   2,051   1,666 Liquids Production MBD   1,491   1,461   1,218   1,476   1,189 Natural Gas Production MMCFD   3,520   3,380   2,864   3,450   2,861 Liquids Realization $/BBL $ 70.80 $ 51.94 $ 47.77 $ 61.52 $ 51.40 Natural Gas Realization $/MCF $ 0.91 $ 2.48 $ 1.75 $ 1.67 $ 2.12 U.S. upstream earnings were higher primarily due to higher liquids realizations and sales volumes, partly offset by higher depreciation, depletion and amortization, lower natural gas realizations, and the absence of a prior year asset sale gain. Net oil-equivalent production during the quarter was up 382,000 barrels per day from the year-ago period, achieving a new quarterly production record. The increase was primarily due to the acquisition of Hess and growth in the Permian Basin and Gulf of America. International Upstream Unit   2Q 2026     1Q 2026     2Q 2025   YTD 2026 YTD 2025 Earnings / (Loss) (1) $ MM $ 4,641   $ 1,797   $ 1,309   $ 6,438   $ 3,209   Net Oil-Equivalent Production MBOED   1,993     1,834     1,701     1,914     1,708   Liquids Production MBD   1,094     974     850     1,034     836   Natural Gas Production MMCFD   5,390     5,161     5,099     5,277     5,235   Liquids Realization $/BBL $ 96.41   $ 77.50   $ 58.88   $ 87.38   $ 63.12   Natural Gas Realization $/MCF $ 7.84   $ 6.99   $ 7.20   $ 7.43   $ 7.16   (1) Includes foreign currency effects $ MM $ (77 ) $ (233 ) $ (236 ) $ (310 ) $ (372 ) International upstream earnings were higher than a year ago primarily due to higher sales volumes and liquids realizations and favorable timing effects, partly offset by higher depreciation, depletion and amortization. Net oil-equivalent production during the quarter was up 292,000 barrels per day from the year-ago period primarily due to the acquisition of Hess, partly offset by curtailments in the Partitioned Zone between Saudi Arabia and Kuwait due to the Middle East conflict. Downstream U.S. Downstream Unit   2Q 2026   1Q 2026   2Q 2025 YTD 2026 YTD 2025 Earnings / (Loss) $ MM $ 2,411 $ 196 $ 404 $ 2,607 $ 507 Refinery Crude Unit Inputs MBD   1,070   1,054   1,051   1,063   1,034 Refined Product Sales MBD   1,320   1,265   1,381   1,293   1,337 U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales and higher earnings from the 50 percent-owned affiliate, Chevron Phillips Chemical Company LLC. Refinery crude unit inputs increased 2 percent from the year-ago period as refineries operated reliably at record levels near capacity. Refined product sales decreased 4 percent compared to the year-ago period due to lower demand for gasoline. International Downstream Unit   2Q 2026   1Q 2026     2Q 2025   YTD 2026 YTD 2025 Earnings / (Loss) (1) $ MM $ 2,457 $ (1,013 ) $ 333   $ 1,444 $ 555   Refinery Crude Unit Inputs MBD   598   616     661     608   640   Refined Product Sales MBD   1,287   1,493     1,473     1,389   1,436   (1) Includes foreign currency effects $ MM $ 31 $ 8   $ (102 ) $ 39 $ (99 ) International downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales, including favorable timing effects, an asset sale gain, and a favorable swing in foreign currency effects. Refinery crude unit inputs decreased 10 percent from the year-ago period due to supply disruptions from the Middle East conflict. Refined product sales decreased 13 percent from the year-ago period due to supply disruptions from the Middle East conflict and lower demand for gasoline and diesel fuel. All Other All Other Unit   2Q 2026     1Q 2026     2Q 2025   YTD 2026 YTD 2025 Net charges (1) $ MM $ (978 ) $ (882 ) $ (974 ) $ (1,860 ) $ (1,557 ) (1) Includes foreign currency effects $ MM $ (3 ) $ 2   $ (10 ) $ (1 ) $ (15 ) All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies. Net charges were relatively flat compared to a year ago as higher employee benefit costs and higher interest expense were offset by the absence of prior-year unfavorable fair value adjustment on Hess shares. Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com. NOTICE Chevron’s discussion of second quarter 2026 earnings with security analysts will take place on Friday, July 31, 2026, at 10:00 a.m. CT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 5:30 a.m. CT and located under “Events and Presentations” in the “Investors” section on the Chevron website. Chevron also publishes a “Sensitivities and Forward Guidance” document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls. As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels. Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations. Timing effects - Timing effects include timing mismatches in earnings recognition related to the mark-to-market of financial derivatives prior to the physical delivery of the associated hydrocarbons, as well as the impact of LIFO inventory accounting. Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on asset sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. The company believes it is useful for investors to consider this measure in comparing the underlying performance of its business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 4. This news release also includes cash flow from operations excluding working capital, free cash flow and adjusted free cash flow. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Reconciliations of cash flow from operations excluding working capital, free cash flow and adjusted free cash flow are shown in Attachment 3. This news release also includes net debt ratio and net debt-to-CFFO ratio. Net debt ratio is defined as total debt less cash and cash equivalents, time deposits and marketable securities (net debt) as a percentage of net debt plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The net debt-to-CFFO ratio is defined as net debt divided by CFFO for the prior four quarters, which measures the company’s ability to cover its net debt using the cash it generates from operations. The company believes these measures are useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio and net debt-to-CFFO ratio is shown in Attachment 2. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.   Attachment 1 CHEVRON CORPORATION - FINANCIAL REVIEW (Millions of Dollars, Except Per-Share Amounts) (unaudited)   CONSOLIDATED STATEMENT OF INCOME         Three Months Ended
June 30,   Six Months Ended
June 30, REVENUES AND OTHER INCOME   2026     2025       2026     2025 Sales and other operating revenues $ 67,199   $ 44,375     $ 114,755   $ 90,476 Income (loss) from equity affiliates   2,125     536       2,870     1,356 Other income (loss)   731     (89 )     1,037     600 Total Revenues and Other Income   70,055     44,822       118,662     92,432 COSTS AND OTHER DEDUCTIONS               Purchased crude oil and products   36,607     26,858       64,872     55,468 Operating expenses (1)   8,861     7,646       17,585     15,286 Exploration expenses   256     252       461     439 Depreciation, depletion and amortization   6,082     4,344       11,890     8,467 Taxes other than on income   1,213     1,301       2,527     2,556 Interest and debt expense   352     274       697     486 Total Costs and Other Deductions   53,371     40,675       98,032     82,702 Income (Loss) Before Income Tax Expense   16,684     4,147       20,630     9,730 Income tax expense (benefit)   4,470     1,632       6,123     3,703 Net Income (Loss)   12,214     2,515       14,507     6,027 Less: Net income (loss) attributable to noncontrolling interests   142     25       225     37 NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION $ 12,072   $ 2,490     $ 14,282   $ 5,990                 (1) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs.                                 PER SHARE OF COMMON STOCK               Net Income (Loss) Attributable to Chevron Corporation             - Basic $ 6.13   $ 1.45     $ 7.23   $ 3.46 - Diluted $ 6.11   $ 1.45     $ 7.21   $ 3.45 Weighted Average Number of Shares Outstanding (000's)         - Basic   1,969,868     1,719,184       1,974,979     1,731,836 - Diluted   1,975,087     1,724,397       1,980,464     1,737,844                 Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,962 million and 1,980 million at June 30, 2026, and December 31, 2025, respectively. EARNINGS BY MAJOR OPERATING AREA Three Months Ended
June 30,   Six Months Ended
June 30,     2026       2025       2026       2025   Upstream               United States $ 3,541     $ 1,418     $ 5,653     $ 3,276   International   4,641       1,309       6,438       3,209   Total Upstream   8,182       2,727       12,091       6,485   Downstream               United States   2,411       404       2,607       507   International   2,457       333       1,444       555   Total Downstream   4,868       737       4,051       1,062   All Other   (978 )     (974 )     (1,860 )     (1,557 ) NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION $ 12,072     $ 2,490     $ 14,282     $ 5,990   Attachment 2 CHEVRON CORPORATION - FINANCIAL REVIEW (Millions of Dollars) (unaudited)   SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary)   June 30,
2026   December 31,
2025 Cash and cash equivalents         $ 8,527     $ 6,293   Time deposits         $ 3     $ 4   Total assets         $ 330,135     $ 324,012   Total debt         $ 37,075     $ 40,758   Total Chevron Corporation stockholders’ equity         $ 189,883     $ 186,450   Noncontrolling interests         $ 5,675     $ 5,726                   SELECTED FINANCIAL RATIOS         Total debt plus total stockholders’ equity   $ 226,958     $ 227,208   Debt ratio (Total debt / Total debt plus stockholders’ equity)           16.3 %     17.9 %                 Net debt (Total debt less cash and cash equivalents, time deposits and marketable securities)   $ 28,545     $ 34,461   Net debt plus total stockholders’ equity   $ 218,428     $ 220,911   Net debt ratio (Net debt / Net debt plus total stockholders’ equity)     13.1 %     15.6 %                 Cash flow from operations (CFFO) (1)         $ 45,321     $ 33,939   Debt-to-CFFO ratio (1)         0.8x   1.2x Net debt-to-CFFO ratio (1)         0.6x   1.0x (1) CFFO is presented on a trailing 12 months basis. RETURN ON CAPITAL EMPLOYED (ROCE) Three Months Ended
June 30,   Six Months Ended
June 30,     2026       2025       2026       2025   Total reported earnings $ 12,072     $ 2,490     $ 14,282     $ 5,990   Noncontrolling interest   142       25       225       37   Interest expense (A/T)   318       250       628       442   ROCE earnings   12,532       2,765       15,135       6,469   Annualized ROCE earnings   50,128       11,060       30,270       12,938   Average capital employed (1)   233,716       178,243       232,784       177,212   ROCE   21.4 %     6.2 %     13.0 %     7.3 % (1) Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and noncontrolling interest. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period.   Three Months Ended
June 30,   Six Months Ended
June 30, CAPEX BY SEGMENT   2026     2025     2026     2025 United States               Upstream $ 2,189   $ 2,281   $ 4,379   $ 4,826 Downstream   149     154     240     309 Other   96     111     149     174 Total United States   2,434     2,546     4,768     5,309                 International               Upstream   2,037     1,112     3,712     2,235 Downstream   52     40     99     67 Other   15     14     22     28 Total International   2,104     1,166     3,833     2,330 CAPEX $ 4,538   $ 3,712   $ 8,601   $ 7,639                 AFFILIATE CAPEX (not included above)               Upstream $ 116   $ 173   $ 226   $ 379 Downstream   156     269     332     551 AFFILIATE CAPEX $ 272   $ 442   $ 558   $ 930 Attachment 3 CHEVRON CORPORATION - FINANCIAL REVIEW (Millions of Dollars) (unaudited)     SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary) Three Months Ended
June 30,   Six Months Ended
June 30,     OPERATING ACTIVITIES   2026       2025       2026       2025   Net Income (Loss) $ 12,214     $ 2,515     $ 14,507     $ 6,027   Adjustments               Depreciation, depletion and amortization   6,082       4,344       11,890       8,467   Distributions more (less) than income from equity affiliates   874       908       474       1,176   Loss (gain) on asset retirements and sales   (225 )     (280 )     (232 )     (299 ) Net foreign currency effects   11       340       168       470   Deferred income tax provision   298       29       34       509   Net decrease (increase) in operating working capital   2,945       278       (1,680 )     (2,130 ) Other operating activity   434       442       (14 )     (455 ) Net Cash Provided by Operating Activities (CFFO) $ 22,633     $ 8,576     $ 25,147     $ 13,765   INVESTING ACTIVITIES               Acquisition of Hess Corporation common stock   —       —       —       (2,225 ) Capital expenditures (Capex)   (4,538 )     (3,712 )     (8,601 )     (7,639 ) Proceeds and deposits related to asset sales and returns of investment   283       390       355       990   Net repayment (borrowing) of loans by equity affiliates   —       (110 )     979       (176 ) Other investing activity   1       —       1       —   Net Cash Provided by (Used for) Investing Activities $ (4,254 )   $ (3,432 )   $ (7,266 )   $ (9,050 ) FINANCING ACTIVITIES               Net change in debt   (8,406 )     (299 )     (3,764 )     4,731   Cash dividends — common stock   (3,504 )     (2,934 )     (7,030 )     (5,918 ) Shares issued for share-based compensation   49       11       1,209       229   Shares repurchased (1)   (3,117 )     (2,744 )     (5,689 )     (6,661 ) Distributions to noncontrolling interests   (117 )     (19 )     (269 )     (30 ) Net Cash Provided by (Used for) Financing Activities $ (15,095 )   $ (5,985 )   $ (15,543 )   $ (7,649 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (18 )     50       (41 )     47   NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH $ 3,266     $ (791 )   $ 2,297     $ (2,887 )                 RECONCILIATION OF NON-GAAP MEASURES               Net Cash Provided by Operating Activities $ 22,633     $ 8,576     $ 25,147     $ 13,765   Less: Net decrease (increase) in operating working capital   2,945       278       (1,680 )     (2,130 ) Cash Flow from Operations Excluding Working Capital $ 19,688     $ 8,298     $ 26,827     $ 15,895                   Net Cash Provided by Operating Activities $ 22,633     $ 8,576     $ 25,147     $ 13,765   Less: Capital expenditures   4,538       3,712       8,601       7,639   Free Cash Flow $ 18,095     $ 4,864     $ 16,546     $ 6,126   Less: Net decrease (increase) in operating working capital   2,945       278       (1,680 )     (2,130 ) Plus: Proceeds and deposits related to asset sales and returns of capital   283       390       355       990   Plus: Net repayment (borrowing) of loans by equity affiliates   —       (110 )     979       (176 ) Adjusted Free Cash Flow $ 15,433     $ 4,866     $ 19,560     $ 9,070   (1) Includes $114 million and $146 million in 2026 and 2025, respectively, related to excise tax payments for prior year repurchases. Attachment 4 CHEVRON CORPORATION - FINANCIAL REVIEW (Millions of Dollars) (unaudited)   RECONCILIATION OF NON-GAAP MEASURES           Three Months Ended
June 30, 2026   Three Months Ended
June 30, 2025   Six Months Ended
June 30, 2026   Six Months Ended
June 30, 2025 REPORTED EARNINGS Pre-Tax Income Tax After-Tax   Pre-Tax Income Tax After-Tax   Pre-Tax Income Tax After-Tax   Pre-Tax Income Tax After-Tax                           U.S. Upstream     $ 3,541         $ 1,418         $ 5,653         $ 3,276   Int'l Upstream       4,641           1,309           6,438           3,209   U.S. Downstream       2,411           404           2,607           507   Int'l Downstream       2,457           333           1,444           555   All Other       (978 )         (974 )         (1,860 )         (1,557 ) Net Income (Loss) Attributable to Chevron Corporation $ 12,072         $ 2,490         $ 14,282         $ 5,990                                   SPECIAL ITEMS                               U.S. Upstream                               Asset sale gains $ —   $ — $ —     $ 172   $ (57 ) $ 115     $ —   $ — $ —     $ 172   $ (57 ) $ 115   Legal reserves   —     —   —       —     —     —       —     —   —       (130 )   —     (130 ) Int'l Upstream                               Tax items   —     —   —       —     —     —       —     —   —       —     (55 )   (55 ) U.S. Downstream                               Legal reserves   —     —   —       —     —     —       (470 )   110   (360 )     (226 )   56     (170 ) Int'l Downstream                               Asset sale gains   230     —   230       —     —     —       230     —   230       —     —     —   All Other                               Pension settlement & curtailment costs (including Hess)   (113 )   27   (86 )     (71 )   16     (55 )     (113 )   27   (86 )     (71 )   16     (55 ) Fair value adjustment of Hess common stock   —     —   —       (327 )   52     (275 )     —     —   —       (95 )   —     (95 ) Total Special Items $ 117   $ 27 $ 144     $ (226 ) $ 11   $ (215 )   $ (353 ) $ 137 $ (216 )   $ (350 ) $ (40 ) $ (390 )                                 FOREIGN CURRENCY EFFECTS                               Int'l Upstream     $ (77 )       $ (236 )       $ (310 )       $ (372 ) Int'l Downstream       31           (102 )         39           (99 ) All Other       (3 )         (10 )         (1 )         (15 ) Total Foreign Currency Effects   $ (49 )       $ (348 )       $ (272 )       $ (486 )                                 ADJUSTED EARNINGS/(LOSS) (1)                               U.S. Upstream     $ 3,541         $ 1,303         $ 5,653         $ 3,291   Int'l Upstream       4,718           1,545           6,748           3,636   U.S. Downstream       2,411           404           2,967           677   Int'l Downstream       2,196           435           1,175           654   All Other       (889 )         (634 )         (1,773 )         (1,392 ) Total Adjusted Earnings/(Loss) $ 11,977         $ 3,053         $ 14,770         $ 6,866                                   Total Adjusted Earnings/(Loss) per share $ 6.06         $ 1.77         $ 7.46         $ 3.95                                   (1) Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260731221759/en/ James Craig -- +1 925-842-1319 Original: Chevron Reports Second Quarter 2026 Results

Nice chart $200 soon

$CVX Infrastructure buildout (pipelines, storage, hubs, refueling) creating multi-year demand for equipment makers using Hydrogen Green fuel for energy.

Oil is up war is on $$ oil stocks

Soon $250 oil is up $$$

Occidental Petroleum Jumps After Evercore Double Upgrade (OXY)July 8, 2026 7:10 AM
IH Market News Occidental Petroleum (NYSE:OXY) shares climbed 3.8% in pre-market trading on Wednesday after Evercore ISI upgraded the oil producer by two notches, citing a stronger balance sheet and improved cash generation prospects. Evercore Turns Bullish on Free Cash Flow Outlook Evercore upgraded Occidental to Outperform from Underperform and increased its price target to $65 from $58. The broker said the company’s significantly lower leverage and improved capital efficiency have materially strengthened its long-term free cash flow outlook. Following a prolonged period of underperformance relative to both crude oil prices and large-cap exploration and production peers, Evercore believes Occidental is now better positioned to benefit from supportive commodity market conditions and eventually resume meaningful shareholder returns. The firm forecasts free cash flow per share growth of around 8% annually through 2030, assuming West Texas Intermediate crude remains at $75 per barrel and production volumes stay broadly unchanged. Although that growth rate trails the roughly 20% compound annual growth projected for Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP), EOG Resources (NYSE:EOG) and Diamondback Energy (NASDAQ:FANG), Evercore believes lower well costs and a slower base production decline should reduce maintenance capital requirements and support stronger long-term cash generation. The broker also expects Occidental to restart share repurchases during the second half of 2028. Commodity Strength Supports Shares Occidental did not release any significant corporate updates or earnings news on Wednesday, with the stock’s gains instead reflecting stronger oil prices and improving sentiment toward the energy sector. The shares had fallen roughly 15% over the previous month, leaving valuations at more attractive levels ahead of the recent rebound. Analysts also continue to forecast a substantial year-over-year improvement in earnings for the current quarter, while Wells Fargo reaffirmed its Buy rating on the stock earlier this month. Energy Sector Outperforms Broader Market Occidental’s advance contrasted with broader weakness across U.S. equities, as the S&P 500 slipped 0.5%, the Dow Jones Industrial Average eased 0.3% and the Nasdaq declined 1.2%. The move highlights the energy sector’s resilience amid rising crude prices, with producers benefiting from renewed supply concerns. Given Occidental’s relatively high sensitivity to oil prices, its shares tend to react more sharply than many of its industry peers during periods of commodity price volatility. The combination of stronger crude prices, a discounted valuation following last month’s sell-off and improving analyst sentiment helped lift the stock ahead of the opening bell. Occidental Petroleum stock priceThe post Occidental Petroleum Jumps After Evercore Double Upgrade (OXY) appeared first on US Editors. Original: Occidental Petroleum Jumps After Evercore Double Upgrade (OXY)

Advisory: Chevron Corporation’s 2Q 2026 Earnings Conference Call and WebcastJuly 2, 2026 8:30 AM
Business Wire Chevron Corporation (NYSE: CVX), one of the world's leading energy companies, will hold its quarterly earnings conference call on Friday, July 31, 2026 at 11:00 a.m. ET (10:00 a.m. CT). Conference Call Information:
Date: Friday, July 31, 2026
Time: 11:00 a.m. ET / 10:00 a.m. CT
Dial-in # (Listen-only mode): 800-918-2066
Conference ID #: 3870797 Speakers:
Mike Wirth – Chairman of the Board & Chief Executive Officer
Eimear Bonner – Chief Financial Officer
Jeff Gustavson – President, New Energies
Jeanine Wai – Head of Investor Relations To access the live webcast, visit www.chevron.com. The meeting replay will also be available on the company website under the “Investors” section. Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations and grow new energies businesses. More information about Chevron is available at www.chevron.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260702569699/en/ Media Contact:
James Craig
+1 (832) 794-1630 Original: Advisory: Chevron Corporation’s 2Q 2026 Earnings Conference Call and Webcast

Chevron Commits $1 Million to Support Earthquake Relief in VenezuelaJune 26, 2026 4:27 PM
Business Wire Chevron Corporation (NYSE: CVX) today announced a commitment of $1 million to support immediate humanitarian relief efforts following the devastating earthquakes that struck Venezuela on June 24. The contribution will help provide urgent assistance to affected communities, including access to shelter, food, water and medical support, through trusted nonprofit and humanitarian organizations working on the ground. “Families and communities across Venezuela are facing real loss right now. Our thoughts are with our employees, impacted communities, and the first responders working tirelessly to help. Chevron has been part of Venezuela for generations, and we’re standing with our people and communities as they begin to recover,” said Laura Lane, Chevron Chief Corporate Affairs Officer. All Chevron employees are accounted for, and its facilities are secure and operational. The company is working with local partners and relief organizations to support response efforts, while continuing to operate safely and reliably. About Chevron Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260626945706/en/ Ross Allen
+1 (713) 372-5272
ross.allen@chevron.com Original: Chevron Commits $1 Million to Support Earthquake Relief in Venezuela

/C O R R E C T I O N -- Chevron/June 25, 2026 5:44 PM
PR Newswire (US) In the news release, Chevron with next-generation Techron® fuels America's 250th summer road trips, issued 25-Jun-2026 by Chevron over PR Newswire, we are advised by the company that a change has been made. The complete, corrected release follows, with additional details at the end: Chevron with next-generation Techron® fuels America's 250th summer road trips Influencer Dean Bell highlights how to protect engines for the miles ahead with Chevron with Techron and save at the gas pump with supercharged Chevron Rewards at each fill-upHOUSTON, June 25, 2026 /PRNewswire/ -- Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), calls on drivers to gear up for summer with newly reformulated Chevron with Techron, helping them fuel their road trips and protect engines for the long haul. With America's 250th anniversary and summer travel season on the horizon, there's never been a better time to explore iconic destinations, hidden gems and open highways – all while using Chevron with Techron that cleans up to 100 percent of harmful engine deposits left by lower-quality fuels* and is available in every Chevron fuel grade.Travel and lifestyle influencer Dean Bell is working with Chevron to share his road-trip journey on social channels and inspire others to get out and explore America as part of the celebrations. As he maximizes mileage with Chevron with Techron, he's showing how Chevron Rewards® members can earn rewards with every fill-up to save on gas at participating stations.Protect engines for the miles ahead with Chevron with TechronChevron with Techron isn't just fueling America's vehicles for road trips, it's also helping protect modern and legacy engines during everyday driving. Techron is a gasoline additive designed with advanced engine protection in every drop, helping keep engines healthy over time with continued use. The latest reformulation reflects Chevron's continued investment in fuel quality and scientific testing to help ensure its fuels meet the needs of today's driving conditions. And it's not just for premium-fuel consumers, Techron is included in every grade of Chevron fuel, so no matter the vehicle or the journey ahead, drivers can adventure with confidence."Road trips are some of my favorite ways to explore and having fuel that protects my engine matters — especially when I'm spending a lot of time on the road," said Bell. "Chevron with Techron gives me added confidence in my engine's performance every time I hit the road, letting me focus on the adventure and the memories I'm making along the way as we celebrate America's 250th anniversary.""What better way to celebrate America's 250th anniversary than by taking a classic summer road trip," said Andy Walz, Chevron president of Downstream, Midstream and Chemicals. "Whether heading out to the beach, mountains or amusement parks, drivers can protect their engines and maximize mileage with Chevron with Techron while earning rewards to save at the pump."Fuel up with Chevron Rewards®Chevron with Techron delivers the engine-cleaning and protection benefits drivers need to hit the road with confidence, and Chevron Rewards is introducing two new ways to celebrate America's 250th anniversary with savings at the pump. Drivers who join between June 30 and September 30 can unlock $1 off per gallon for up to 5 fill-ups, maximizing savings at every participating station. Sign up at ChevronTexacoRewards.com or through the Chevron app. Additionally, from June 30 to July 5, existing Chevron Rewards members can earn 2,500 points towards rewards on fuel when they fill up with at least eight gallons of Chevron with Techron.How to fuel up with confidence and savings at Chevron:Why is Chevron with Techron a smart choice for road trips?
Chevron with Techron cleans up to 100 percent of harmful engine deposits left by lower quality fuels*, helps maximize mileage, and protects engines for the long haul with consistent use.  What is Techron?
Techron is a detergent designed for the precision components of modern engines to help keep engines healthy over time with continued use. It is included in every grade of Chevron gasoline, so no matter the vehicle or the journey ahead, drivers can adventure with confidence.What benefits does Chevron with Techron provide?
Techron is included in every grade of Chevron gasoline and cleans up to 100 percent of harmful engine deposits left by lower quality fuels*. It helps maximize mileage and provides advanced engine protection over time with continued use.Is Chevron with Techron just for road trips, or is it beneficial for everyday driving, too?
Chevron with Techron is beneficial for both road trips and everyday driving as it cleans up to 100% of harmful deposits left by lower-quality fuels* and helps protect engines over time with continued use.Is Chevron with Techron only for use in new vehicles?
No, it works great in both old and new vehicles, cleaning up to 100 percent of harmful engine deposits left by lower-quality fuels* and is available in every Chevron fuel grade.How can existing Chevron Rewards members save more this summer?
From June 30 to July 5, existing Rewards members can earn 2,500 points towards rewards on fuel when they fill up with at least 8 gallons of Chevron with Techron at a station participating in Chevron Rewards. That's enough bonus points to redeem as rewards for 50¢-per-gallon in savings on at least 5 future fills.What savings are available for new Chevron Rewards members?
New Chevron Rewards members who join between June 30 and September 30 can save $1 off per gallon for up to 5 fill-ups at participating stations. Sign up at ChevronTexacoRewards.com or through the Chevron app.Are the fuel savings only available for Chevron Rewards members?
Fuel savings are available exclusively for Chevron Rewards, Texaco Rewards®, and ExtraMile Rewards® members! Not a member yet? Sign up at ChevronTexacoRewards.com, extramile.chevrontexacorewards.com, or through the Chevron, Texaco, or ExtraMile apps for these savings as well as ongoing rewards**.* GDI-injector testing based on industry-standard method.** Chevron Rewards, Texaco Rewards, and ExtraMile Rewards are part of one unified loyalty program. By enrolling in any one of these programs, members can earn points on qualifying fuel and in-store purchases and redeem rewards for fuel discounts across participating Chevron, Texaco, and ExtraMile locations.All three mobile apps provide the same features and access a single shared account, including the same points and rewards balance. Whether members join through Chevron, Texaco, or ExtraMile, they automatically have full access to earn and redeem rewards across all three brands. Learn more at chevrontexacorewards.com.About ChevronChevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com.Correction: The injector photo caption has been updated. View original content to download multimedia:https://www.prnewswire.com/news-releases/chevron-with-next-generation-techron-fuels-americas-250th-summer-road-trips-302810707.htmlSOURCE Chevron Original: /C O R R E C T I O N -- Chevron/

Chevron with next-generation Techron® fuels America's 250th summer road tripsJune 25, 2026 9:00 AM
PR Newswire (US) Influencer Dean Bell highlights how to protect engines for the miles ahead with Chevron with Techron and save at the gas pump with supercharged Chevron Rewards at each fill-upHOUSTON, June 25, 2026 /PRNewswire/ -- Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), calls on drivers to gear up for summer with newly reformulated Chevron with Techron, helping them fuel their road trips and protect engines for the long haul. With America's 250th anniversary and summer travel season on the horizon, there's never been a better time to explore iconic destinations, hidden gems and open highways – all while using Chevron with Techron that cleans up to 100 percent of harmful engine deposits left by lower-quality fuels* and is available in every Chevron fuel grade.Travel and lifestyle influencer Dean Bell is working with Chevron to share his road-trip journey on social channels and inspire others to get out and explore America as part of the celebrations. As he maximizes mileage with Chevron with Techron, he's showing how Chevron Rewards® members can earn rewards with every fill-up to save on gas at participating stations.Protect engines for the miles ahead with Chevron with TechronChevron with Techron isn't just fueling America's vehicles for road trips, it's also helping protect modern and legacy engines during everyday driving. Techron is a gasoline additive designed with advanced engine protection in every drop, helping keep engines healthy over time with continued use. The latest reformulation reflects Chevron's continued investment in fuel quality and scientific testing to help ensure its fuels meet the needs of today's driving conditions. And it's not just for premium-fuel consumers, Techron is included in every grade of Chevron fuel, so no matter the vehicle or the journey ahead, drivers can adventure with confidence."Road trips are some of my favorite ways to explore and having fuel that protects my engine matters — especially when I'm spending a lot of time on the road," said Bell. "Chevron with Techron gives me added confidence in my engine's performance every time I hit the road, letting me focus on the adventure and the memories I'm making along the way as we celebrate America's 250th anniversary.""What better way to celebrate America's 250th anniversary than by taking a classic summer road trip," said Andy Walz, Chevron president of Downstream, Midstream and Chemicals. "Whether heading out to the beach, mountains or amusement parks, drivers can protect their engines and maximize mileage with Chevron with Techron while earning rewards to save at the pump."Fuel up with Chevron Rewards®Chevron with Techron delivers the engine-cleaning and protection benefits drivers need to hit the road with confidence, and Chevron Rewards is introducing two new ways to celebrate America's 250th anniversary with savings at the pump. Drivers who join between June 30 and September 30 can unlock $1 off per gallon for up to 5 fill-ups, maximizing savings at every participating station. Sign up at ChevronTexacoRewards.com or through the Chevron app. Additionally, from June 30 to July 5, existing Chevron Rewards members can earn 2,500 points towards rewards on fuel when they fill up with at least eight gallons of Chevron with Techron.How to fuel up with confidence and savings at Chevron:Why is Chevron with Techron a smart choice for road trips?
Chevron with Techron cleans up to 100 percent of harmful engine deposits left by lower quality fuels*, helps maximize mileage, and protects engines for the long haul with consistent use.  What is Techron?
Techron is a detergent designed for the precision components of modern engines to help keep engines healthy over time with continued use. It is included in every grade of Chevron gasoline, so no matter the vehicle or the journey ahead, drivers can adventure with confidence.What benefits does Chevron with Techron provide?
Techron is included in every grade of Chevron gasoline and cleans up to 100 percent of harmful engine deposits left by lower quality fuels*. It helps maximize mileage and provides advanced engine protection over time with continued use.Is Chevron with Techron just for road trips, or is it beneficial for everyday driving, too?
Chevron with Techron is beneficial for both road trips and everyday driving as it cleans up to 100% of harmful deposits left by lower-quality fuels* and helps protect engines over time with continued use.Is Chevron with Techron only for use in new vehicles?
No, it works great in both old and new vehicles, cleaning up to 100 percent of harmful engine deposits left by lower-quality fuels* and is available in every Chevron fuel grade.How can existing Chevron Rewards members save more this summer?
From June 30 to July 5, existing Rewards members can earn 2,500 points towards rewards on fuel when they fill up with at least 8 gallons of Chevron with Techron at a station participating in Chevron Rewards. That's enough bonus points to redeem as rewards for 50¢-per-gallon in savings on at least 5 future fills.What savings are available for new Chevron Rewards members?
New Chevron Rewards members who join between June 30 and September 30 can save $1 off per gallon for up to 5 fill-ups at participating stations. Sign up at ChevronTexacoRewards.com or through the Chevron app.Are the fuel savings only available for Chevron Rewards members?
Fuel savings are available exclusively for Chevron Rewards, Texaco Rewards®, and ExtraMile Rewards® members! Not a member yet? Sign up at ChevronTexacoRewards.com, extramile.chevrontexacorewards.com, or through the Chevron, Texaco, or ExtraMile apps for these savings as well as ongoing rewards**.* GDI-injector testing based on industry-standard method.** Chevron Rewards, Texaco Rewards, and ExtraMile Rewards are part of one unified loyalty program. By enrolling in any one of these programs, members can earn points on qualifying fuel and in-store purchases and redeem rewards for fuel discounts across participating Chevron, Texaco, and ExtraMile locations.All three mobile apps provide the same features and access a single shared account, including the same points and rewards balance. Whether members join through Chevron, Texaco, or ExtraMile, they automatically have full access to earn and redeem rewards across all three brands. Learn more at chevrontexacorewards.com.About ChevronChevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/chevron-with-next-generation-techron-fuels-americas-250th-summer-road-trips-302810707.htmlSOURCE Chevron Original: Chevron with next-generation Techron® fuels America's 250th summer road trips

Great investment green day $cvx and $oil stocks

Chevron to Participate in a Fireside Chat at the J.P.Morgan Natural Resources ConferenceJune 19, 2026 8:30 AM
Business Wire Jeff Gustavson, President - New Energies of Chevron Corporation (NYSE: CVX), will participate in a fireside chat at the J.P.Morgan Natural Resources Conference on Tuesday, June 23, 2026, at 10:20 AM ET. Please visit www.chevron.com/investors to view a live webcast of the conversation and Q&A session. A replay will be available on the website after the event for those unable to watch the live webcast. Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations and grow new businesses. More information about Chevron is available at www.chevron.com. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260620027979/en/ Investors:
Jeanine Wai
Chevron
invest @wentztom Original: Chevron to Participate in a Fireside Chat at the J.P.Morgan Natural Resources Conference

Chevron seeks control of offshore Greek gas block in Mediterranean expansion (CVX)May 28, 2026 7:12 AM
IH Market News Chevron (NYSE:CVX) has formally requested approval to acquire a 70% stake in an offshore exploration block southwest of Greece from Helleniq Energy, according to a statement released Thursday by Greece’s energy ministry, marking another step in the U.S. energy giant’s expansion across the Mediterranean region. If the application receives approval, Chevron will assume operatorship of Block 2 in the southwestern Ionian Sea and lead future gas exploration activities in the area, while Helleniq Energy will retain the remaining 30% interest, the ministry said. Greek authorities are also considering extending the evaluation period for Chevron and Helleniq Energy to review completed seismic survey data before making any decisions regarding exploratory drilling operations in the block, the statement added. Chevron stock price Original: Chevron seeks control of offshore Greek gas block in Mediterranean expansion (CVX)

Chevron Updates Stockholders at Annual MeetingMay 27, 2026 10:50 AM
Business Wire Chevron Corporation (NYSE: CVX) today provided an overview of the company’s business performance and plans at its Annual Meeting of Stockholders. The meeting highlighted the company’s strong performance and consistent strategy, with stockholders showing their support by voting in favor of the full slate of Directors and with the company’s recommendations on all matters to be voted upon. “Recent events remind us of the importance of energy,” said Mike Wirth, Chevron’s chairman and chief executive officer. “Oil and natural gas remain vital to people, economies, and global energy security. While the future is uncertain, our actions are not. Our strategy remains consistent: leverage our strengths to safely deliver lower carbon energy to a growing world.” Stockholders voted on six items. As reported during the meeting, the preliminary report of the Inspector of Elections was as follows: Item 1: An average of 97% of the votes cast were voted for the 12 nominees for election to the Board of Directors. Item 2: Approximately 96% of the votes cast were voted for the ratification of the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2026. Item 3: Approximately 97% of the votes cast were voted in support of named executive officer compensation. Item 4: Approximately 15% of the votes cast were voted in support of the proposal regarding an independent chair. Item 5: Approximately 9% of the votes cast were voted in support of the proposal to publish a report on Indigenous Peoples’ rights. Item 6: Approximately 9% of the votes cast were voted in support of the proposal to commission a third-party report on human rights processes. Over 1.6 billion shares were represented at this meeting – or approximately 85% of Chevron’s outstanding common stock were present by proxy. Final voting results on all agenda items will be posted at www.chevron.com after they have been reported on a Form 8-K, which will be filed with the U.S. Securities and Exchange Commission. Specific information about the proposals presented before Chevron stockholders at the 2026 Annual Meeting of Stockholders may be found in the 2026 Proxy Statement, which is available in the “Investors” section of the company’s website under “Corporate Governance.” Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com. NOTICE As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260527622790/en/ James Craig, Media Relations +1 (925) 842-1319 Original: Chevron Updates Stockholders at Annual Meeting

Nice dip

Not bad $cvx it still cheap compare to next year

Chevron expands Mediterranean footprint with Malta oil and gas explorationMay 5, 2026 11:10 AM
IH Market News Chevron (NYSE:CVX) said Tuesday it will begin exploring for oil and gas south of Malta, extending its presence in the Mediterranean region and positioning itself near established producers such as Libya, Italy, and Tunisia. Malta itself currently has no active oil or gas production.The company noted that the initial phase will focus on exploration studies using existing geological and seismic data, rather than drilling new wells.Chevron already has a growing footprint across the Mediterranean, including operating stakes in Israel’s Leviathan and Tamar gas fields, as well as the Aphrodite project offshore Cyprus. In addition, the company holds exploration licenses in waters off Greece and Egypt.The move comes as major energy companies continue to target the Mediterranean for new resource opportunities. U.S. peer Exxon Mobil (NYSE:XOM) has also been expanding its exploration and production activities across the region.Chevron stock price Original: Chevron expands Mediterranean footprint with Malta oil and gas exploration

Chevron Reports First Quarter 2026 ResultsMay 1, 2026 6:15 AM
Business Wire

Reported earnings of $2.2 billion; adjusted earnings of $2.8 billion



Returned $6.0 billion cash to shareholders; 16th consecutive quarter over $5 billion



Worldwide and U.S. production increased by 15 and 24 percent, respectively



Chevron Corporation (NYSE: CVX) reported earnings of $2.2 billion ($1.11 per share - diluted) for first quarter 2026, compared with $3.5 billion ($2.00 per share - diluted) in first quarter 2025. Included in the quarter was a net loss of $360 million related to a legal reserve. Foreign currency effects decreased earnings by $223 million. Adjusted earnings of $2.8 billion ($1.41 per share - diluted) in first quarter 2026 compared to adjusted earnings of $3.8 billion ($2.18 per share - diluted) in first quarter 2025. See Attachment 4 for a reconciliation of adjusted earnings.




Earnings & Cash Flow Summary











 



 






Unit






1Q 2026






4Q 2025






1Q 2025








Total Earnings / (Loss)






$ MM






$






2,210






 






$






2,770






 






$






3,500






 








Upstream






$ MM






$






3,909






 






$






3,035






 






$






3,758






 








Downstream






$ MM






$






(817






)






$






823






 






$






325






 








All Other






$ MM






$






(882






)






$






(1,088






)






$






(583






)








Earnings Per Share - Diluted






$/Share






$






1.11






 






$






1.39






 






$






2.00






 








Adjusted Earnings (1)






$ MM






$






2,793






 






$






3,028






 






$






3,813






 








Adjusted Earnings Per Share - Diluted (1)






$/Share






$






1.41






 






$






1.52






 






$






2.18






 








Cash Flow From Operations (CFFO)






$ B






$






2.5






 






$






10.8






 






$






5.2






 








CFFO Excluding Working Capital (1)






$ B






$






7.1






 






$






9.1






 






$






7.6






 








Avg. Brent Spot Price (Source: Platts)






$/BBL






$






81






 






$






64






 






$






76






 








(1) See non-GAAP measure definitions on page 6 and reconciliations in the attachments







“Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution,” said Mike Wirth, Chevron’s Chairman and Chief Executive Officer. “Strong operating results in the United States, particularly following the integration of Hess, and continued growth in the Gulf of America and Permian Basin, drove higher production while maintaining financial flexibility.”


“Our U.S. refineries operated at record crude throughput in March, capital spending remains within guidance, and our structural cost reductions are firmly on track,” Wirth continued. “This disciplined performance supports dependable cash generation, enabling us to continue returning significant capital to shareholders, while investing in advantaged long-lived assets.”


“We continue to closely monitor developments in the Middle East with a focus on the safety of our workforce and the integrity of our assets and operations,” Wirth concluded. “The unpredictable external environment reinforces the importance of disciplined investment to ensure reliable energy supply and global energy security.”




Financial and Business Highlights











 



 






Unit






1Q 2026






4Q 2025






1Q 2025








Return on Capital Employed (ROCE)






%






 






4.5






%






 






5.4






%






 






8.3






%








Capital Expenditures (Capex)






$ B






$






4.1






 






$






5.3






 






$






3.9






 








Affiliate Capex






$ B






$






0.3






 






$






0.4






 






$






0.5






 








Free Cash Flow (FCF) (1)






$ B






$






(1.5






)






$






5.5






 






$






1.3






 








Adjusted Free Cash Flow (1)






$ B






$






4.1






 






$






4.2






 






$






4.2






 








Debt-to-CFFO






Ratio






1.5x






1.2x






1.0x








Net debt-to-CFFO (1)






Ratio






1.3x






1.0x






0.8x








Net Oil-Equivalent Production






MBOED






 






3,858






 






 






4,045






 






 






3,353






 








(1) See non-GAAP measure definitions on page 6 and reconciliations in the attachments







Financial Highlights



Reported earnings decreased compared to first quarter 2025 primarily due to unfavorable timing effects of approximately $2.9 billion. These effects include timing mismatches in earnings recognition related to the mark-to-market of financial derivatives prior to the physical delivery of the associated hydrocarbons, as well as the impact of LIFO inventory accounting. Excluding those unfavorable effects, earnings improved due to upstream production growth and higher refining margins.



Production in the first quarter of 2026 was higher than first quarter last year largely due to the acquisition of Hess Corporation (Hess) and growth in the Gulf of America and the Permian Basin, partly offset by downtime at the company’s 50 percent owned affiliate Tengizchevroil (TCO) and curtailments in the Middle East (Israel and the Partitioned Zone between Saudi Arabia and Kuwait). U.S. production exceeded 2 million oil-equivalent barrels per day for the third consecutive quarter.



U.S. refinery crude unit throughput remains over 1 million barrels per day for the fifth consecutive quarter and achieved a record in March 2026.



Capex in the first quarter of 2026 was higher than last year largely due to spend on legacy Hess assets, partially offset by lower spend in the Permian Basin.



Cash flow from operations in the first quarter of 2026 was lower than a year ago primarily due to higher working capital outflows largely resulting from the sharp increase in commodity prices in March 2026. Adjusted free cash flow benefited from a $1 billion loan repayment from TCO.



The company returned $6.0 billion of cash to shareholders during the quarter, including share repurchases of $2.5 billion and dividends of $3.5 billion.



The company’s Board of Directors declared a quarterly dividend of one dollar and seventy-eight cents ($1.78) per share, payable June 10, 2026, to all holders of common stock as shown on the transfer records of the corporation at the close of business on May 19, 2026.



Business Highlights and Milestones



Announced an agreement in Venezuela to expand Chevron’s heavy oil interest in the Petroindependencia, S.A. joint venture and include rights to develop the adjacent Ayacucho 8 area at the Petropiar, S.A. joint venture in the Orinoco Oil Belt.



Entered into an exclusivity agreement with Microsoft and Engine No. 1 related to a proposed power generation and electricity offtake agreement to support the power project under development in West Texas.



Expansions at Tamar and Leviathan in Israel have achieved start-up, adding production capacity to support growing demand and regional energy security.



Reached a final investment decision on the Aseng gas project in Equatorial Guinea, advancing the country's efforts to expand its role in global gas markets.



Discovered oil at the Bandit prospect in Green Canyon Block 680 in the Gulf of America, through a non-operated joint venture.



Entered Libya as a winning bidder in the Sirte Basin, expanding the company’s exploration portfolio with high-quality acreage and high-impact prospects.



Awarded four offshore exploration leases in Greece, further expanding the company's position in the Eastern Mediterranean region.



Farmed into the OFF-7 block in Uruguay, building depth in the exploration portfolio.



Segment Highlights


Upstream




U.S. Upstream






Unit






1Q 2026






4Q 2025






1Q 2025








Earnings / (Loss)






$ MM






$






2,112






$






1,258






$






1,858








Net Oil-Equivalent Production






MBOED






 






2,024






 






2,055






 






1,636








Liquids Production






MBD






 






1,461






 






1,488






 






1,159








Natural Gas Production






MMCFD






 






3,380






 






3,402






 






2,859








Liquids Realization






$/BBL






$






51.94






$






42.99






$






55.26








Natural Gas Realization






$/MCF






$






2.48






$






2.21






$






2.50








U.S. upstream earnings were higher primarily due to increased sales volumes partly offset by higher depreciation, depletion and amortization, higher operating expenses, and lower liquids realizations.



Net oil-equivalent production during the quarter was up 388,000 barrels per day from the year-ago period primarily due to the acquisition of Hess and higher production in the Gulf of America following project start-ups, and growth in the Permian Basin.





International Upstream






Unit






1Q 2026






4Q 2025






1Q 2025








Earnings / (Loss) (1)






$ MM






$






1,797






 






$






1,777






 






$






1,900






 








Net Oil-Equivalent Production






MBOED






 






1,834






 






 






1,990






 






 






1,717






 








Liquids Production






MBD






 






974






 






 






1,071






 






 






822






 








Natural Gas Production






MMCFD






 






5,161






 






 






5,514






 






 






5,371






 








Liquids Realization






$/BBL






$






77.50






 






$






57.53






 






$






67.69






 








Natural Gas Realization






$/MCF






$






6.99






 






$






6.97






 






$






7.12






 








(1) Includes foreign currency effects






$ MM






$






(233






)






$






(125






)






$






(136






)








International upstream earnings were lower than a year ago primarily due to unfavorable timing effects, higher depreciation, depletion and amortization, and unfavorable foreign currency effects that were partly offset by higher sales volumes.



Net oil-equivalent production during the quarter was up 117,000 barrels per day from the year-ago period primarily due to the acquisition of Hess, partly offset by lower production at TCO. 



Downstream




U.S. Downstream






Unit






1Q 2026






4Q 2025






1Q 2025








Earnings / (Loss)






$ MM






$






196






$






230






$






103








Refinery Crude Unit Inputs






MBD






 






1,054






 






1,020






 






1,018








Refined Product Sales






MBD






 






1,265






 






1,293






 






1,293








U.S. downstream earnings were higher than the year-ago period primarily due to higher margins on refined product sales partly offset by a higher litigation reserve.



Refinery crude unit inputs increased 4 percent from the year-ago period primarily due to the continued ramp-up of the Light Tight Oil project at the Pasadena, Texas refinery.



Refined product sales decreased 2 percent compared to the year-ago period.





International Downstream






Unit






1Q 2026






4Q 2025 







1Q 2025








Earnings / (Loss) (1)






$ MM






$






(1,013






)






$






593






$






222








Refinery Crude Unit Inputs






MBD






 






616






 






 






665






 






618








Refined Product Sales






MBD






 






1,493






 






 






1,546






 






1,398








(1) Includes foreign currency effects






$ MM






$






8






 






$






9






$






3








International downstream earnings were lower than the year-ago period primarily due to lower margins on refined product sales, including unfavorable timing effects and higher operating expenses mainly from higher transportation costs.



Refinery crude unit inputs were flat relative to the year-ago period.



Refined product sales increased 7 percent from the year-ago period due to higher demand for gasoline.



All Other




All Other






Unit






1Q 2026






4Q 2025






1Q 2025








Net charges (1)






$ MM






$






(882






)






$






(1,088






)






$






(583






)








(1) Includes foreign currency effects






$ MM






$






2






 






$






(14






)






$






(5






)








All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities, and technology companies.



Net charges increased compared to a year ago primarily due to the absence of prior-year favorable fair value adjustment on Hess shares and higher interest expense. 



Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com.


NOTICE


Chevron’s discussion of first quarter 2026 earnings with security analysts will take place on Friday, May 1, 2026, at 10:00 a.m. CT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 5:30 a.m. CT and located under “Events and Presentations” in the “Investors” section on the Chevron website. Chevron also publishes a “Sensitivities and Forward Guidance” document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls.


As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Structural cost reductions describe decreases in operating expenses from operational efficiencies, divestments, and other cost saving measures that are expected to be sustainable compared with 2024 levels.


Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.


Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, decommissioning obligations from previously sold assets, severance costs, gains on asset sales, legal reserves for ceased operations, fair value adjustments for investments in equity securities, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 4.


This news release also includes cash flow from operations excluding working capital, free cash flow and adjusted free cash flow. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. Reconciliations of cash flow from operations excluding working capital, free cash flow and adjusted free cash flow are shown in Attachment 3.


This news release also includes net debt ratio and net debt-to-CFFO ratio. Net debt ratio is defined as total debt less cash and cash equivalents, time deposits and marketable securities (net debt) as a percentage of net debt plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The net debt-to-CFFO ratio is defined as net debt divided by CFFO for the prior four quarters, which measures the company’s ability to cover its net debt using the cash it generates from operations. The company believes these measures are useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio and net debt-to-CFFO ratio is shown in Attachment 2.


CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995


This news release contains forward-looking statements relating to Chevron’s operations, assets, and strategy that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “design,” “enable,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “trajectory,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “future,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.


Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company’s commodity derivative contracts; the company’s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company’s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 21 through 27 of the company’s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.




Attachment 1








 CHEVRON CORPORATION - FINANCIAL REVIEW






(Millions of Dollars, Except Per-Share Amounts)






(unaudited)







 



CONSOLIDATED STATEMENT OF INCOME








 






Three Months Ended

March 31,








REVENUES AND OTHER INCOME






2026






 






2025








Sales and other operating revenues






$






47,556






 






$






46,101








Income (loss) from equity affiliates






 






745






 






 






820








Other income (loss)






 






306






 






 






689








Total Revenues and Other Income






 






48,607






 






 






47,610








COSTS AND OTHER DEDUCTIONS






 






 






 








Purchased crude oil and products






 






28,265






 






 






28,610








Operating expenses (1)






 






8,724






 






 






7,640








Exploration expenses






 






205






 






 






187








Depreciation, depletion and amortization






 






5,808






 






 






4,123








Taxes other than on income






 






1,314






 






 






1,255








Interest and debt expense






 






345






 






 






212








Total Costs and Other Deductions






 






44,661






 






 






42,027








Income (Loss) Before Income Tax Expense






 






3,946






 






 






5,583








Income tax expense (benefit)






 






1,653






 






 






2,071








Net Income (Loss)






 






2,293






 






 






3,512








Less: Net income (loss) attributable to noncontrolling interests






 






83






 






 






12








NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION






$






2,210






 






$






3,500








 






 






 






 








(1) Includes operating expense, selling, general and administrative expense, and other components of net periodic benefit costs.








 






 






 






 








 






 






 






 








PER SHARE OF COMMON STOCK






 






 






 








Net Income (Loss) Attributable to Chevron Corporation






 






 








- Basic






$






1.12






 






$






2.01








- Diluted






$






1.11






 






$






2.00








Weighted Average Number of Shares Outstanding (000's)








- Basic






 






1,980,146






 






 






1,744,628








- Diluted






 






1,985,900






 






 






1,751,441








 






 






 






 








Note: Shares outstanding (excluding 14 million associated with Chevron’s Benefit Plan Trust) were 1,977 million and 1,980 million at March 31, 2026, and December 31, 2025, respectively.









EARNINGS BY MAJOR OPERATING AREA






Three Months Ended

March 31,








 






2026






 






2025








Upstream






 






 






 








United States






$






2,112






 






 






$






1,858






 








International






 






1,797






 






 






 






1,900






 








Total Upstream






 






3,909






 






 






 






3,758






 








Downstream






 






 






 








United States






 






196






 






 






 






103






 








International






 






(1,013






)






 






 






222






 








Total Downstream






 






(817






)






 






 






325






 








All Other






 






(882






)






 






 






(583






)








NET INCOME (LOSS) ATTRIBUTABLE TO CHEVRON CORPORATION






$






2,210






 






 






$






3,500






 









Attachment 2








CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)










 



SELECTED BALANCE SHEET ACCOUNT DATA (Preliminary)






March 31,

2026






 






December 31,

2025








Cash and cash equivalents






$






5,323






 






 






$






6,293






 








Time deposits






$






4






 






 






$






4






 








Total assets






$






329,551






 






 






$






324,012






 








Total debt






$






45,428






 






 






$






40,758






 








Total Chevron Corporation stockholders’ equity






$






183,715






 






 






$






186,450






 








Noncontrolling interests






$






5,656






 






 






$






5,726






 








 






 






 






 








SELECTED FINANCIAL RATIOS






 






 






 








Total debt plus total stockholders’ equity






$






229,143






 






 






$






227,208






 








Debt ratio (Total debt / Total debt plus stockholders’ equity)






 






19.8






%






 






 






17.9






%








 






 






 






 








Net debt (Total debt less cash and cash equivalents, time deposits and marketable securities)






$






40,101






 






 






$






34,461






 








Net debt plus total stockholders’ equity






$






223,816






 






 






$






220,911






 








Net debt ratio (Net debt / Net debt plus total stockholders’ equity)






 






17.9






%






 






 






15.6






%








 






 






 






 








Cash flow from operations (CFFO) (1)






$






31,264






 






 






$






33,939






 








Debt-to-CFFO ratio (1)






1.5x






 






1.2x








Net debt-to-CFFO ratio (1)






1.3x






 






1.0x








(1) CFFO is presented on a trailing 12 months basis.









RETURN ON CAPITAL EMPLOYED (ROCE)






Three Months Ended

March 31,








 






2026






 






2025








Total reported earnings






$






2,210






 






 






$






3,500






 








Noncontrolling interest






 






83






 






 






 






12






 








Interest expense (A/T)






 






310






 






 






 






192






 








ROCE earnings






 






2,603






 






 






 






3,704






 








Annualized ROCE earnings






 






10,412






 






 






 






14,816






 








Average capital employed (1)






 






233,867






 






 






 






178,730






 








ROCE






 






4.5






%






 






 






8.3






%








(1) Capital employed is the sum of Chevron Corporation stockholders’ equity, total debt and noncontrolling interest. Average capital employed is computed by averaging the sum of capital employed at the beginning and the end of the period.









 






Three Months Ended

March 31,








CAPEX BY SEGMENT






2026






 






2025








United States






 






 






 








Upstream






$






2,190






 






$






2,545








Downstream






 






91






 






 






155








Other






 






53






 






 






63








Total United States






 






2,334






 






 






2,763








 






 






 






 








International






 






 






 








Upstream






 






1,675






 






 






1,123








Downstream






 






47






 






 






27








Other






 






7






 






 






14








Total International






 






1,729






 






 






1,164








CAPEX






$






4,063






 






$






3,927








 






 






 






 








AFFILIATE CAPEX (not included above)






 






 






 








Upstream






$






110






 






$






206








Downstream






 






176






 






 






282








AFFILIATE CAPEX






$






286






 






$






488









Attachment 3








CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)












SUMMARIZED STATEMENT OF CASH FLOWS (Preliminary)






Three Months Ended

March 31,








 








OPERATING ACTIVITIES






2026






 






2025








Net Income (Loss)






$






2,293






 






 






$






3,512






 








Adjustments






 






 






 








Depreciation, depletion and amortization






 






5,808






 






 






 






4,123






 








Distributions more (less) than income from equity affiliates






 






(400






)






 






 






268






 








Loss (gain) on asset retirements and sales






 






(7






)






 






 






(19






)








Net foreign currency effects






 






157






 






 






 






130






 








Deferred income tax provision






 






(264






)






 






 






480






 








Net decrease (increase) in operating working capital






 






(4,625






)






 






 






(2,408






)








Other operating activity






 






(448






)






 






 






(897






)








Net Cash Provided by Operating Activities (CFFO)






$






2,514






 






 






$






5,189






 








INVESTING ACTIVITIES






 






 






 








Acquisition of businesses, net of cash acquired






 






—






 






 






 






—






 








Acquisition of Hess Corporation common stock






 






—






 






 






 






(2,225






)








Capital expenditures (Capex)






 






(4,063






)






 






 






(3,927






)








Proceeds and deposits related to asset sales and returns of investment






 






72






 






 






 






600






 








Net repayment (borrowing) of loans by equity affiliates






 






979






 






 






 






(66






)








Net Cash Provided by (Used for) Investing Activities






$






(3,012






)






 






$






(5,618






)








FINANCING ACTIVITIES






 






 






 








Net change in debt






 






4,642






 






 






 






5,030






 








Cash dividends — common stock






 






(3,526






)






 






 






(2,984






)








Shares issued for share-based compensation






 






1,160






 






 






 






218






 








Shares repurchased






 






(2,572






)






 






 






(3,917






)








Distributions to noncontrolling interests






 






(152






)






 






 






(11






)








Net Cash Provided by (Used for) Financing Activities






$






(448






)






 






$






(1,664






)








EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH






 






(23






)






 






 






(3






)








NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH






$






(969






)






 






$






(2,096






)








 






 






 






 








RECONCILIATION OF NON-GAAP MEASURES






 






 






 








Net Cash Provided by Operating Activities






$






2,514






 






 






$






5,189






 








Less: Net decrease (increase) in operating working capital






 






(4,625






)






 






 






(2,408






)








Cash Flow from Operations Excluding Working Capital






$






7,139






 






 






$






7,597






 








 






 






 






 








Net Cash Provided by Operating Activities






$






2,514






 






 






$






5,189






 








Less: Capital expenditures






 






4,063






 






 






 






3,927






 








Free Cash Flow






$






(1,549






)






 






$






1,262






 








Less: Net decrease (increase) in operating working capital






 






(4,625






)






 






 






(2,408






)








Plus: Proceeds and deposits related to asset sales and returns of capital






 






72






 






 






 






600






 








Plus: Net repayment (borrowing) of loans by equity affiliates






 






979






 






 






 






(66






)








Adjusted Free Cash Flow






$






4,127






 






 






$






4,204






 









Attachment 4








CHEVRON CORPORATION - FINANCIAL REVIEW

(Millions of Dollars)

(unaudited)







 
 



RECONCILIATION OF NON-GAAP MEASURES





 



 






Three Months Ended

March 31, 2026





 

Three Months Ended

March 31, 2025








REPORTED EARNINGS






Pre-Tax






Income Tax






After-Tax





 

Pre-Tax






Income Tax






After-Tax








 





 
 

 






 






 








U.S. Upstream






 






 






$






2,112






 





 

 






 






$






1,858






 








Int'l Upstream






 






 






 






1,797






 





 

 






 






 






1,900






 








U.S. Downstream






 






 






 






196






 





 

 






 






 






103






 








Int'l Downstream






 






 






 






(1,013






)





 

 






 






 






222






 








All Other






 






 






 






(882






)





 

 






 






 






(583






)








Net Income (Loss) Attributable to Chevron Corporation





 

$






2,210






 





 

 






 






$






3,500






 








 






 






 






 





 

 






 






 








SPECIAL ITEMS






 






 






 





 

 






 






 








U.S. Upstream






 






 






 





 

 






 






 








Legal reserves






$






—






 






$






—






$






—






 





 

$






(130






)






$






—






 






$






(130






)








Int'l Upstream






 






 






 





 

 






 






 








Tax items






 






—






 






 






—






 






—






 





 

 






—






 






 






(55






)






 






(55






)








U.S. Downstream






 






 






 





 

 






 






 








Legal reserves






 






(470






)






 






110






 






(360






)





 

 






(226






)






 






56






 






 






(170






)








Int'l Downstream






 






 






 





 

 






 






 








All Other






 






 






 





 

 






 






 








Fair value adjustment of Hess common stock






 






—






 






 






—






 






—






 





 

 






232






 






 






(52






)






 






180






 








Total Special Items






$






(470






)






$






110






$






(360






)





 

$






(124






)






$






(51






)






$






(175






)








 






 






 






 





 

 






 






 








FOREIGN CURRENCY EFFECTS






 






 






 





 

 






 






 








Int'l Upstream






 






 






$






(233






)





 

 






 






$






(136






)








Int'l Downstream






 






 






 






8






 





 

 






 






 






3






 








All Other






 






 






 






2






 





 

 






 






 






(5






)








Total Foreign Currency Effects





 

 






$






(223






)





 

 






 






$






(138






)








 






 






 






 





 

 






 






 








ADJUSTED EARNINGS/(LOSS) (1)






 






 






 





 

 






 






 








U.S. Upstream






 






 






$






2,112






 





 

 






 






$






1,988






 








Int'l Upstream






 






 






 






2,030






 





 

 






 






 






2,091






 








U.S. Downstream






 






 






 






556






 





 

 






 






 






273






 








Int'l Downstream






 






 






 






(1,021






)





 

 






 






 






219






 








All Other






 






 






 






(884






)





 

 






 






 






(758






)








Total Adjusted Earnings/(Loss)





 

$






2,793






 





 

 






 






$






3,813






 








 






 






 






 





 

 






 






 








Total Adjusted Earnings/(Loss) per share





 

$






1.41






 





 

 






 






$






2.18






 








 






 






 






 





 

 






 






 








(1) Adjusted Earnings/(Loss) is defined as Net Income (loss) attributable to Chevron Corporation excluding special items and foreign currency effects.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260501114528/en/
James Craig -- +1 925-842-1319


Original: Chevron Reports First Quarter 2026 Results